After recovering from the Covid-19 shocker, the state has improved itstaxrevenues in the last fiscal. As per the latest report released by theRBI, the state reported a healthy Growth rate of over 50-60 per cent in both state’s own tax revenues and non-tax revenues.
Interestingly, the state’s own tax revenues soared by nearly 100 per cent since the bifurcation of the state. The state own tax revenues stood at 42,168 crore in the first year of the bifurcation 2014-15. However, the tax revenues witnessed a drop by next year as the systems were not completely settled in the new state.
The revenues dipped to 39,907 crore in 2015-16. However, the tax revenue started picking up from 2016-17 when state pooled up 44,181 crore. However, these revenues were not found sufficient to handle the expenditure of various welfare schemes and proposed capital city projects.
Though the state’s own tax revenues moved upward in the consecutive years, they were never on the expected path. The tax revenues which were around 52,000 crore in 2017-18, reported just around 10 per cent growth rate by 2018-19. The state mopped up around 58,677 crore in 2018-19 in the penultimate year of TDP regime.
The state had pooled up around 57,601 crore in 2019-20 and 57,359 crore in 2020-21. “The state witnessed a slight fall in the tax revenues in two successive years only due to the Covid-19.